Transition Metals Corp and Impala Platinum sign a Definitive Option Agreement with North American Palladium on the Sunday Lake Pt-Pd Project
Transition Metals Corp and Impala Platinum sign a Definitive Option Agreement with North
American Palladium on the Sunday Lake Pt-Pd Project
Sudbury, June 21, 2017 – Transition Metals Corp (XTM – TSX.V) (“Transition”, “the Company”) is pleased to
announce the signing of a Definitive Option Agreement with North American Palladium (‘NAP’) on the Sunday
Lake Project. The property is currently held by Joint Venture Partners, Transition Metals Corp within its wholly-
owned subsidiary, HTX Minerals Corp and Impala Platinum Holdings Limited (Implats). Under the terms of the
agreement, North American Palladium has the right to acquire a 75% ownership in the Sunday Lake Project by
completing work commitments totaling $4.5M and making cash payments of $3.5M over a five year period.
The property occurs within the emerging Mid-Continental Rift (MCR) base and precious metal camp. Recent
discoveries in the district include Panoramic Resources ’, Thunder Bay North Project (Indicated Resources
8.46Mt @ 2.09g/t Pt+Pd+Au or PGM1) in Ontario, Lundin Mining’s, Eagle Mine (Reserves 3.72Mt @ 2.50% Ni,
2.20% Cu 2) in Michigan and Rio Tinto’s Tamarack D eposit (Indicated Resource 3.75Mt @ 1.81% Ni, 1.00%
Cu, 0.85g/t PGM; Inferred Resource 3.38Mt @ 1.63% Ni, 0.94% Cu, 0.67g/t PGM3) in Minnesota. The Sunday
Lake Project is geologically similar to these important deposits for which XTM has a 25% free carried interest
until the completion of Feasibility Study.
Commenting on the agreement, company CEO and President Scott McLean stated “We are very pleased with
the signing of a Definitive Option Agreement with NAP on our Sunday Lake Project. We continue to view the
Sunday Lake Project as a key, high-quality project and we are excited to have NAP as a partner. NAP will
focus on defining mineral resources at Sunday Lake which is 90 km trucking distance from their Lac des Ilse
Mine/Mill Complex.”
Option Agreement Terms
The Option agreement provides NAP with the exclusive right to acquire a 75% ownership in t he Sunday Lake
Project by completing the following exploration stages (see North American Palladium Press Release dated June
20, 2017 for details):
Stage 1: NAP may acquire a 5 1% controlli ng interest in t he prop erty by compl eting $1. 5M of expl oration
expenditures and making cash payments of $75,000 to XTM and $675,000 to Implats within a t wo year period.
Stage 2: NAP may increase i ts interest from 51% to 65% by compl eting an additional $2.5M of exploration
expenditures and making further cash payments of $125,000 to XTM and $1.125M to Implats within a two year
period.
Stage 3: NAP may f urther increase i ts i nterest from 6 5% to 75% by completi ng an addition al $0. 5M of
exploration expenditures and making final cash payments of $150,000 to XTM and $1.35M to Implats within a
one year period.
Figure 1: Location Map of the Sunday Lake Property.
About the Sunday Lake Property
The Sunday Lake PGM -Cu-Ni Project is located 25 km north of Thunder Bay in Jacques Township and
approximately 95 km south of NAP’s producing Lac Des Iles Mine (Figure 1) that has reported reserves
(Proven and Probable) of 38.5Mt @ 2.25g/t Pd4 as well as a fully integrated mill complex capable of processing
15,000 tonnes per day. The Sunday Lake Property covers a 3.5 k m diameter circular reversely -polarized
magnetic anomaly associated with a large buried mafic-ultramafic intrusion interpreted to be Proterozoic in age
and related to the MCR. In November of 201 5 the company reported the best intersection to date on the
property from SL-15-013 that intersected 42.9m grading 3.43g/t combined PGMs (Pt+Pd+Au) including 10.10m
grading 5.61g/t PGM5 (interpreted to be close to true width).
¹ Resource reported by Panoramic Resources, Thunder Bay North deposit: 2011 JORC compliant mineral resources estimate prepare d by AM EC
Americas Ltd.
² Lundin Mining – Reserves and Resources June 30, 2016. http://www.lundinmining.com/s/Reserves.asp
3 Resource reported by Talon Resources, Tamarack North Technical Report: 2014 NI 43 -101mineral resource estimate prepared by Golder Associates
Ltd. www.sedar.com
4 North American Palladium Press Release dated May 29, 2017
5 Transition Metals Corp press release dated November 16, 2015
Qualified Person
The technical elements of th is press release ha ve been approved by Mr. Grant Mourre, P.Geo. (APGO), a
Qualified Person under National Instrument 43-101.
About Transition Metals Corp
Transition Metals Corp (XTM -TSX.V) is a Canadian-based, multi-commodity project generator that specializes
in converting new exploration ideas into Canadian discoveries. The award -winning team of geoscientists has
extensive exploration experie nce in established, emerging and historic mining camps and actively develops
and tests new ideas for discovering mineralization in places that others have not looked, which often allows the
company to acquire properties inexpensively. The team is rigorous in its fieldwork and combines traditional
techniques with newer ones to help unearth compelling prospects and drill targets. Transition uses the project
generator business model to acquire and advance multiple exploration projects simultaneously, thereby
maximizing shareholder exposure to discovery and capital gain. Joint venture partners earn an interest in the
projects by funding a portion of higher -risk drilling and exploration, allowing Transition to conserve capital and
minimize shareholder’s equity di lution. The Company has an expanding portfolio that currently includes more
than 25 gold, copper, nickel and platinum projects primarily in Ontario, Nunavut, British Columbia, Minnesota
and Saskatchewan.
Cautionary Note on Forward-Looking Information
Except for statements of historical fact contained herein, the information in this news release constitutes
“forward-looking information” within the meaning of Canadian securities law. Such forward -looking information
may be identified by words such as “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may”,
“will” and include without limitation, statements regarding estimated capital and operating costs, expected
production timeline, benefits of updated development plans, foreign exchange assu mptions and regulatory
approvals. There can be no assurance that such statements will prove to be accurate; actual results and future
events could differ materially from such statements. Factors that could cause actual results to differ materially
include, among others, metal prices, competition, risks inherent in the mining industry, and regulatory risks.
Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance
on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the
Company expressly disclaims any intent or obligation to update publicly forward -looking information, whether
as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Further information is available at www.transitionmetalscorp.com or by contacting:
Scott McLean
President and CEO
Transition Metals Corp.
Tel: (705) 669-0590